Did you know that there are different types of insurance policies that could benefit your farm business? Similar to there being a variety of different ways you can enjoy the benefit of a home, there are a variety of different ways you can enjoy the benefit of an insurance policy.
Using a house as an example, here’s 3 different types of insurance policies:
1. Rent: You can rent a home and pay money to a landlord. This arrangement works great when you don’t have the money to buy, but remember the landlord can always decide to raise the rent! Similarly, there’s insurance products like this where you rent the policy.
2. Rent to own: In some situations, it’s even possible to put the rent you pay to the landlord towards buying the home you’re renting. Again, there’s insurance poliies that work like this, where in the end, you own the policy.
3. Buy: you can outright buy a home. With an insurance policy, if you buy, it’s yours forever.
To learn more, watch Derrick Peterson explains different types of insurance policies for your farm business.
This workshop was funded in part by the Agriculture & Food Council of Alberta